Wednesday, September 03, 2008 Osmeña: Where to buy a home By Antonio V. Osmeña Estatements
SINCE Metro Cebu has become the center of education and health care in the Visayan archipelago and, to some extent, northern Mindanao, there is a need for students and transient families either to buy or to rent a home of their own in the metropolis.
Many families in the neighboring islands whose children are being educated in Cebu find it a wise investment to buy a home in Cebu.
But where to buy a home?
A prominent real estate broker was once asked to name three principles which should guide a purchaser in the selection of a home. His answer was as follows: (1) location (2) location and (3) location.
At first impression, it may appear that this answer was lightly and, perhaps, facetiously formulated; but when consideration is given to some of the peculiar characteristics of real estate the answer becomes meaningful.
Real estate is immobile. Although man may move some of the substance, the extent of land is geographically fixed and cannot be moved. The improvements, too, for all practical purposes, are stationary.
It is, of course, possible to move a home physically, but such action, as a rule, is economically inadvisable.
The point to be remembered by the prospective home buyer, however, is that while land and improvements are stationary, the city and the neighborhood are in constant state of flux and literally move about it.
Changes in the environment must be considered: ingress or egress of industry or commerce; increase or decrease in population; dangers to welfare, health, or morality; influx or encroachment by undesirable groups —all are bound to be reflected in the desirability and value of a property.
It is location, thus, which contribute to making or breaking the conditions that are conducive to maximum enjoyment of the pleasures and amenities of living that arise out of home ownership. There is no scale of values which can be recommended as a guide to all present or prospective home owners. Likes and dislikes, tastes and conditions vary depending upon size of family, type of employment, costs of transportation, price of land, utility requirements, social habits, and personal characteristics of the purchaser.
Proximity to place of work, no doubt, is of prime importance to all breadwinners. But other factors, both economic and social, may make living in the rural area and commuting to the city preferable to the confinement and lack of privacy, which is the lot of the urban dweller.
The ever increasing traffic snarls and dilapidated public transport is now a major consideration in deciding where to buy or rent a home. The heavy traffic congestion in the provincial highways has caused anxiety, stress and higher transportation cost to those who bought their home in towns near Cebu City.
Proximity to place of work should be the major consideration in the rental or buying of a home. The other important consideration is the quality of available schools, neighborhood – reputation and characteristics, tax structure, absence of noise, traffic, smoke and dust and, finally, effective fire and police protection.
Each family, of course, has problems of its own and the weights suggested above are purely relative and should be varied according to specific needs with which each purchaser is confronted.
In any event, a scale of values, carefully selected and considered, should act as a deterrent to hasty purchase, and forestall the sweat and tears that otherwise may blot the joys that should be inherent in a home of one’s own.
There are other secondary factors to consider, such as: distance to school, nearness to church of own choice, degree of owner occupancy and owner’s price in the area, quality and proximity of shopping area, transportation (public) facilities and cost, zoning stability, availability of necessary utilities, recreation opportunities, extent of neighborhood development, and nature of terrain – drainage and topography.
Many subdivision lots have deteriorated in value because of the failure of the subdivision association to control the use of the road network, which has become a parking lot to subdivision homeowners who have more cars that can be accommodated in their own car ports. Many have an excess of three to four cars, and they use the road to wash, clean or make repairs. Many are now buying condo units because of the Deed of Restrictions imposed in the home unit preventing abuse of the common areas.
